D D D n IWOI TRUftNG KINH DOANH D D D D<br />
XU Hl/dNG PHAT TRiiN HOAT D O N G SAP N H A P<br />
<br />
VA MUA LAI DOANH NGHieP<br />
Nguydn Thi Nguyet*<br />
<br />
1. K h a i n i e m s a p n h a p v a m u a l a i<br />
Sap nhap va mua lai doanh nghiep<br />
(SN&ML DN) da x u l t hi^n tren the gidi tfl<br />
hang tram n a m vdi nhidu thang t r i m<br />
t h i n h cdng va t h a t bai. L I cai ndi cua l i n<br />
song sap nhap va mua lai d i u tidn trdn thd<br />
gidi, Hoa Ky sii dung mdt so' khai niem ve<br />
SN&ML DN dUdc ghi ro trong sach va tfl<br />
dien, vi du nhU theo Investment<br />
Dictionary<br />
(My): "SN&ML DN la k h a i niem chung ehi<br />
sU kdt hdp gifla cae cdng ty vdi nhau. Sap<br />
nhap (merger) la vide hai cdng ty n h a p<br />
thanh mdt cdng ty mdi, cdn t h a u tdm<br />
(acquisition) dd chi vide chuydn giao sd hflu<br />
mgt cdng ty sang mdt cdng ty khac ma<br />
khdng xua't hidn t h e m edng ty mdi."<br />
<br />
Cdn b Viet Nam, t h u a t ngfl sap nhap vk<br />
mua lai trong cae v&n ban Phap luSt Vift<br />
Nam dfldc bat d i u chinh thflc sii dung t£(<br />
nam 2004, d i u tidn cl Luat Canh tranh<br />
dugc (2004), s a u den 11 L u a t Doanh nghifp<br />
nam 2005. Tong hgp eac khai niem vl cac<br />
vl^n de tren, cd thd dua ra mgt khai nidm<br />
d i y du ca vd khia canh p h a p ly v l kinh td<br />
cho hoat dgng SN&ML DN n h u sau:<br />
"Sdp nhgp vd mua lgi Id khdi niem dugc<br />
sa dung de chi mgt cdng ty tim cdch ndm giS<br />
quyin kiem sodt ddi vdi mgt cdng ty khac<br />
thdng qua thdu tdm todn bg hodc mgt tyliso<br />
lUdng cd phdn hodc tdi sdn cda cdng ty muc<br />
tieu du deed the khdng che todn bd cdc guy^<br />
dinh cda cdng ty do nhdm muc tiiu md rgng<br />
<br />
* Nguyen Thi Nguyfit, Tifih si kinh ifi, Vi*n Nghiftn cihi quan IJ* Kinh itf Tmng uong.<br />
' -Theo khodn 1-3. dieu 17, Luat Canh tranh 2004: I. Sfip nhftp doanh nghiCpU viic mfit hoac mOtstf doanh nghi^<br />
chuydn toan bd tii san, quy^n, nghia vu vk loi (ch hop phip ciia minh sang mdt doanh nghiCp khic.ddng thdi ctiisa<br />
diJt sir t6n tai ciia doanh nghtfip bi s£p nhflp; 2. Hgp nha't doanh nghiep lik vific hai hoftc nhiiu doanh nghiep chuy^<br />
t6an b6 tai san, quyin. nghia vu vk lgi fch hgp phfip cua minh di hinh thinh mfit doanh nghifip mdi, ddng th6i chSin<br />
dih su tdn tai ciJa dc doanh nghifip bi hgp nhft't; 3. Mua lai doanh nghiep ik viec m6i doanh nghiep mua tdan M<br />
hoac mat phSn tai sin cua doanh nghiep khfic du Ai ki^m sofit, chi phtfi loin bfl hofic mdt nginh nghi ciia doanh<br />
nghiep bi mua lai.<br />
- Theo dieu 152, Ludi Doanh nghiep 2005 Hap nhd't doanh nghiep • Hai hole mOl sd cOng ly ciing loai (sau diy goi<br />
li cOng ty bi hgp nhit) c6 th^ hgp nha't thinh mflt cOng ty mdi (sau diy gpi li cOng ty hpp nhtft) bing cich chuy&i<br />
toin b6 tii sin, quyin, nghia vu vi lpi fch hpp phip sang c6ng ty hpp nhtft, ddng thdi chSm diit t6n lai cua cic cOng<br />
ty bi hpp nhit.<br />
- Theo dieu 153. Ludi Doanh nghiep 2005 Sdp nhdp doanh nghiep: MOt hoic mOt sd c6ng ty cClng loai (sau diy gpi<br />
li c6ng ty bi sip nhip) c6 thi sip nhip vip m6l c6ng ty khic (sau diy goi li cflng ty nhin sip nhip) b^g cfich<br />
chuyin toin bfl tii san, quyin, nghia vu vi Ipi fch hpp phip sang cdng ly nliin sip nhip, ddng thdi chim dih sir t6n<br />
tai cua cflng ty bi sip nhip.<br />
- Theo khodn 6 dieu 3 vd khodn 5-6 dieu 21 Ludt Ddu tu 2005: Doanh nghiip c6 vdn diu tu nude ngoii bao gim ci<br />
"doanh nghiep Viet Nam do nhi diu nr nudc ngoii mua cd phin. sip nhip, mua lai." Cic hinh thiJc diu tu XMc ti^ip<br />
bao gdm ca "5. Mua cd phin hoic gop vdn di tham gia quin IJ hoat dflng diu tu; vi 6. Diu nr thuc hien viic sSp<br />
nhip va mua lai doanh nghiep."<br />
<br />
Q ] QUAN Lt KINH T I<br />
<br />
SO'46 (3+4/20121<br />
<br />
xu HUONG PHAT T R I ^ N HOAT OpNG SAP NHAP...<br />
<br />
Mfil TRlrtTHG KINH DDflMH | E ^<br />
<br />
thi phdn, da dgng hod sdn phdm, tdng cUdng<br />
ldi nhudn vd gid tri cua cdng ty minh hay<br />
nhdm thdn tinh dot thu cgnh tranh."<br />
<br />
• Bfldc vao thd' ky XXI, Giai doan phat<br />
t r i l n dfldi nhflng hinh thflc da dang v l quy<br />
md Idn chfla tflng c6.<br />
<br />
2. T i n h h i n h v a x u t h e p h a t t r i e n<br />
h o a t d g n g SN&ML D N t r e n t h e gidi<br />
<br />
Ddt sdng SN&ML DN g i n ddy n h i t da<br />
ed mdt bfldc dot pha vd pham vi, qui md va<br />
hinh thflc. Lan sdng nay, khdng con bo hgp<br />
trong pham vi cac nen kinh td phat tridn<br />
nfla ma da t r a n v i o cac ndn kinh te mdi ndi<br />
va dang phat t r i l n nhfl: Han Qud'c,<br />
Singapore, Nga, I n Do, Trung Qud'c, Trung<br />
Ddng.... Dgt sdng n i y da md ra mdt xu<br />
hfldng mdi cho boat ddng SN&ML DN dd la<br />
xu hfldng xuyen qud'c gia dac biet cho<br />
nhflng cong ty, tap doan muon md rdng<br />
boat dgng, cung cd' linh vflc nganh nghd<br />
kinh doanh. Mdt trong nhflng ly giai cho<br />
hidn tfldng tren la do qui luat cua vd'n la<br />
"nUde chay chd trung", vd'n tfl eac thi<br />
trUdng da bao hda tai nhflng nfldc phat<br />
tridn dd ve cac nfldc dang phat triln tiem<br />
nang Idn. Xu hfldng boat ddng eua SN&ML<br />
da cd bfldc ehuyen dich Idn sang khu vflc<br />
chau A Thai Binh Dfldng, nam 2010 da b i t<br />
kip vdi k h u vUc B l e My vdi eung ty le 25%<br />
(Sd dd 1), cu t h i soi dgng n h i t b Trung<br />
Qudc, tidp den la khu vUc ASEAN 6 va<br />
<br />
Lich sfl phat t r i l n SN&ML DN tren thd<br />
gidi, ed the noi tfl d i u thSp ky 20 de'n thdi<br />
diim trfldc khung hoang tai ehinh nam<br />
2008, da trai qua sau dgt sdng mang nhflng<br />
dac trflng va kd't qua cho tflng giai doan<br />
phat triln khac nhau.<br />
• 1897 - 1904: Giai doan sap nhap cho<br />
muc dich ddc quydn.<br />
• 1916 - 1929; Giai doan sap nhap vdi<br />
muc dieh dde quyen nhom ban. (Dai suy<br />
thoai 1929)<br />
• 1965 - 1969: Giai doan sap nhap td<br />
hgp (sap nhap t h a n h tap doan).<br />
• 1981 - 1989: Giai doan sii dung ddn<br />
bdy tai chinh dd thflc hien SN&ML DN<br />
daebidt la SN&ML DN xuydn qudc gia.<br />
• 1992 - 2000: Giai doan cd'u true lai<br />
chidn luge. (Khung hoang tai ehinh chau A:<br />
1998-1999)<br />
<br />
Nhat Ban.<br />
<br />
Sfl dd 1: ThUdng vu SN&ML DN toan cau theo vung nam 2010<br />
<br />
Nguon: Thomson Reciters, Pickering Pacific Analysi<br />
Sjf 46 (3+4/2012)<br />
<br />
QUAN LY KINH TE Q ]<br />
<br />
XU HU'dNG PHATTRI^N HOATDONG SAPNHAR^<br />
<br />
I H l l i l i i " " ' TRirtfNG KINH DOANH<br />
<br />
Dac bidt, trong nen kinh te d i y bie'n dgng,<br />
sflc dp eua khung hoang t i i chinh d i n dd'n<br />
ap Iflc canh tranh tang cao, ndn cic hoat<br />
ddng SN&ML DN gifla cac doanh nghidp tfl<br />
nhdn trong giai doan n i y bung nd. Giai doan<br />
1996 den 2006 the hien ro xu hfldng tang<br />
manh cua vai tro doanh nghiep tfl n h i n<br />
trong boat ddng SN&ML, vdi ty trgng sd<br />
Ifldng tham gia so vdi tdng so' tSng tfl 6% len<br />
14%, gia tri cae thfldng vu tang tfl 8% nSm<br />
1996 Idn 24% trong nam 2006, dac bidt vdi<br />
td'c do trung binh moi ndm tang 24%.<br />
Dang chu y II gia tri cae thfldng vu h o i n<br />
thanh vugt trdi v i o giai doan 2006-2008<br />
<br />
(Bieu dd 1). N a m 2006 v l n a m 2007 II hai<br />
n a m lien tidp tdng gia tri SN&ML DN toin<br />
e l u dat mflc eao ky luc, tfl 3.460 ty USD<br />
ddn khoang dat 4.400 ty USD, nam 2007<br />
tang 27% so vdi nfim 2006^ Tfl nfim 2006<br />
den 2009, nhin chung ty lg t h i n h edng cao,<br />
mflc do t h o l i vdn eao nha't v i o qui 4/2007<br />
va qui 4/2008, thdi ky chiu anh hudng<br />
mgnh cua cudc k h u n g hoang tai ehinh chiu<br />
A, va ddu rdi vao giai dogn cudi nfim,<br />
thudng II eudi nfim tai chinh - thdi diim<br />
eac doanh nghidp phai tfi't toan va hoin<br />
thanh c i e nghia vu tai ehinh cung nhfl eac<br />
khoan ng.<br />
<br />
Bieu do 1: Khdi lUdng giao dich SN&ML DN toan cau<br />
<br />
%uo..Thoj|y,g|ggg^<br />
Tuy nhien phai th&'y r i n g dich vu W vS'n<br />
dong vai tro khong nho trong thanh cong<br />
tren cua hoat dong SN&ML (BiS'u do 2). Ty<br />
le thulkn v6i mitc gia tri cua cac thUdng vu<br />
thanh cong la chi phi danh cho tu va'n, dig'u<br />
do noi ISn rfing di t h i n h cdng trong<br />
SN&ML , mat mat c i n phai cha'p nhSn dSu<br />
<br />
t u cho dich vu tU vfii'n, bao g6m thong tin,<br />
phan tich t h ^ m dinh, m ^ t khac dich vu tU<br />
va'n Cling c i n p h a t tri^n theo kip vdi nhu<br />
c i u ke ca v$ cha't vk lUdng. Nhin chung, thi<br />
trUcJng tieu ton chi phi t u va'n ciing la thi<br />
tru6ng p h a t tri^n nhSit trong linh vUc nay:<br />
Hoa K J chifi'm 61,4%, diing thU hai 14 chSu<br />
<br />
Trong 66, ihuong vu Ifti c6 thi dutrc ki dfn II vi8c Ngan hing H» Lan ABN Amro diroc Ngan htog Anh<br />
Barclays mua lai viSi gii 90,8 ly USD vko thing 4/2007.<br />
M<br />
<br />
QUAN Lt KINH TE<br />
<br />
S i u (3+4/2019<br />
<br />
Mfll TBU&NG KIMH nnflNH|H33]]<br />
<br />
U Hl/CtNG PHATTRI^N H O A T D Q N G SAP NHAP...<br />
<br />
Au, Trung Dong va chau Phi (EMEA)<br />
khoang 31,3%; con thi trUdng ehfiu A Thai<br />
Binh Dfldng k h o i n g 14,1%, vfi N h a t Ban la<br />
4,2%. Nfim 2010, ehi phi tfl v i n cho cac<br />
<br />
thUdng vu SN&ML DN t h i n h edng dat<br />
29,2 ti USD, tfing 29,3% so vdi eung ky<br />
nfim 2009, theo flde tinh cua Thomson<br />
Reuters/Freeman Consulting.<br />
<br />
Bieu dd 2: Phi tfl va'n cho cac thfldng vu SN&ML DN thanh eong theo vung<br />
<br />
Nguon: Thom.sonReuters.com<br />
Vd xu hfldng cd cfi'u n g l n h trong hogt<br />
ddng SN&ML toan ciu, dfldng nhfl khu vflc<br />
tai nguydn va tai chinh v i n dang la xu<br />
hfldng chinh cho hoat ddng SN&ML. Nam<br />
2010, nganh nfing Ifldng vfin la nganh<br />
<br />
chidm ty trgng Idn n h i t tdi 20 %, tidp theo<br />
la nganh tai chinh vdi 15% v l cdng nghidp<br />
vdi khoang 11%. Song thflc td la cae thoa<br />
thufin giao dich trong ngfinh t i i chinh v l<br />
eong nghi$p vfin bi ydu di so vdi nfim 2009.<br />
<br />
Bieu dd 3: Cd ca'u nganh t r o n g cac thfldng vu SN&ML DN toan cau n a m 2010<br />
• Nfing l u ^ n g<br />
•<br />
<br />
Nguyen vat lieu<br />
<br />
•<br />
<br />
Yt*<br />
<br />
• BAtd^ngsJn<br />
•<br />
<br />
hUng ti^u diing thi^t yeu<br />
<br />
a H^ng tieu diing vJi djch vg<br />
>- Djch VM cong ich<br />
- T^ chinh<br />
• C6n9 nghi4p<br />
•<br />
<br />
V i ^ thdng<br />
<br />
•<br />
<br />
C6ng ngh$ cao<br />
<br />
- Truyen thdng vi giii tri<br />
8anle<br />
<br />
Nguon: ThomsonReuters.com<br />
<br />
$0 46(3+4/2012)<br />
<br />
QUAN LY KINH TE<br />
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Q<br />
<br />
I J ^ J i J Mini TBUIBHC KiHH DOANH<br />
<br />
XU HUdNG PHAT T R I ^ N HOAT DONG SAP NH/lP.<br />
<br />
Tom lai, co the du bao rang xu hudng<br />
SN&ML DN dang trkn sang khu viJc nen<br />
kinh tS m6i n6'i vk cac nude dang phat<br />
trien, trong d6 cac linh vUc nhu t i i chinh,<br />
nang luong v4 cang nghiep vSn giij vai trd<br />
tien phong, cac dich vu h6 tr(? cho hoat<br />
dong nay nhu tU va'n se ti6'p tuc phat tris'n.<br />
SN&ML DN hCla hen se phat trien manh<br />
ve pham vi, qui m6 va hinh thflc, dkc biet<br />
vdi xu hudng xuyen quoc gia.<br />
3. Tinh hinh vd xu<br />
SN&ML DN d Viit Nam<br />
<br />
the' phdt<br />
<br />
trien<br />
<br />
C6 the ndi SN&ML DN chi mdi thflc sU<br />
bSt dSu cl Viet Nam tfl nSm 2000, chi de'n<br />
khi cuoc khung hoang tai chinh n4m 2007<br />
diln ra thi cac vu SN&ML DN tai Vidt<br />
Nam mdi cd budc dot pha, vdi 113 vu sap<br />
<br />
nh^p t h a n h cdng, vdi td'ng gia tri len tdi<br />
giin 1,8 ty USD (Hinh 1), trd t h a n h nU6c c6<br />
ho?t ddng SN&ML DN sdi nd'i nhtft d khu<br />
vvlc chau A - Thai Binh Dudng. Theo bao<br />
cao ciia Cdng ty kidm toan Price water<br />
house Coopers (PwC), s a u dd, nam 2008,<br />
hoat ddng nay van gia t a n g theo chiiu<br />
hfldng tich cUc vi sd^giao dich, 146 vu, song<br />
tong gia tri mua ban chi dat hdn 1 ty USD.<br />
Trong 6 t h a n g dSu nam 2009, ba't chtfp lam<br />
p h a t va suy giam kinh t^, ho^t d^ng<br />
SN&ML DN van d i l n ra k h a sdi ddng 3<br />
Vi$t Nam chfl khdng nhfl xu hfldng trim<br />
lang trdn t h ^ gidi. Song cung phai thiia<br />
nhan rang, x i t ve quy md, SN&ML DN 5<br />
Vi^t Nam cdn xa mdi bat kip vdi cac niidc<br />
trong khu vuc va t h ^ g i d i (Biiu di 4).<br />
<br />
Bie'u dd 4: Xu hiiflng cua hoat d^ng S N i M L DN d Viet Nam t h » p ky vtta c<br />
<br />
^ ^ 1 Khung hoang<br />
^^^<br />
IM chinh<br />
—<br />
iheg.cs<br />
<br />
!00!<br />
<br />
HXM<br />
<br />
MOS<br />
<br />
2006<br />
<br />
2007<br />
<br />
2001<br />
<br />
2009<br />
<br />
2010<br />
<br />
NguSn: Thomson Reuteurs, tong h,Jp cua Cong ty Tu va'n Kinh doanh Hdi nhjp Toin c«u (GIBO,<br />
™ * ' t . T ' ' ' ' ^ " ! r . " ! ^ ' ' ™^ " ^ ' ' ' ° * ' •*'"«<br />
SN&ML d Viet Nam, tuong tfl vdi xu t h f<br />
<br />
25%, nhflng Enh vflc dfldc quan tSm dl<br />
SN&ML D N dflng thfl hai la san xua't hang<br />
<br />
r",; fx^"'<br />
' * " " ' " " ^ ''^° "^*"'' ' * '<br />
chinh, la nganh sdi ddng nha't vdi t;^ 1$<br />
<br />
" « " 'i**"^, chifei 16%, tig-p dd'n la viln<br />
thdng vdi 13% (Bilu di 5).<br />
<br />
M<br />
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OUAN LV KMH TE<br />
<br />
Sa'46(3+V2llt2)<br />
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Thêm vào BST
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